NEW DELHI: Indian Prime Minister Narendra Modi and Russian President Vladimir Putin have reaffirmed their commitment to advancing the Special and Privileged Strategic Partnership between their nations. The 22nd Annual Bilateral Summit held in Moscow, concluded on July 9. It was marked by extensive discussions aimed at bolstering bilateral economic ties and cooperation across multiple sectors.
Central to their joint statement is the aspiration to enhance trade relations and economic collaboration between Russia and India. Both leaders emphasized mutual respect, equality, and the pursuit of sovereign development on a mutually beneficial basis over the long term. They articulated a shared vision to significantly boost bilateral trade volume, targeting more than $100 billion by 2030 through concerted efforts and strategic initiatives.
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The key areas included efforts to focus on eliminating non-tariff barriers, exploring the establishment of an EAEU-India Free Trade Area, and promoting balanced trade by enhancing Indian exports to Russia. Special attention will be given to invigorating investment activities under special regimes.
Both nations also aim to develop a bilateral settlement system using national currencies and integrate digital financial instruments into mutual transactions.
To improve transport connectivity, plans to expand cargo turnover via new routes such as the North-South International Transport Corridor, the Northern Sea Route, and the Chennai-Vladivostok Sea Line were discussed in the meeting.
Collaborative efforts will also seek to increase bilateral trade in agricultural products, food, and fertilizers while addressing regulatory hurdles. Cooperation in key energy sectors, including nuclear energy and oil refining, will be prioritized to enhance energy security and infrastructure.
Both countries aim to deepen collaboration in infrastructure development, transport engineering, automobile production, and space industries. This will be facilitated through the creation of industrial clusters and subsidiaries in each other’s markets, aligned with unified standards and regulatory practices.
Emphasis will also be placed on joint projects in the digital economy, scientific research, and educational exchanges. Cooperation in medical research, advanced equipment, and the potential establishment of Indian medical institutions in Russia are also under consideration.
The leaders underscored the importance of expanding cooperation in education, science, technology, culture, tourism, sports, and healthcare, fostering deeper people-to-people ties.
President Putin and Prime Minister Modi have tasked the Russian-Indian Intergovernmental Commission on trade, economic, scientific, technical, and cultural cooperation with overseeing and assessing progress in these priority areas. The commission is expected to report on advancements at its next meeting, reflecting the summit’s outcomes and commitments.